Aptos Labs has made a strategic investment in the short video app, Chingari, as the blockchain company looks to make a mark in the web3 social media space.
Chingari, which was founded in 2018, has become increasingly popular with over five million daily active users and over 200 million videos being watched on the app every day.
The investment will see Chingari become the preferred Layer 1 blockchain for Aptos, a chain that launched late last year using the Move programming language.
Chingari started out as a web2 platform but has since adopted web3 technologies and launched the GARI token on the Solana network.
The move to Aptos will allow for content creators to own their own content and receive appropriate rewards for it. Chingari has raised over $88 million from investors such as Kraken, Republic Crypto and Galaxy Digital.
The CEO of Chingari, Sumit Ghosh, stated that after extensive technical due diligence and evaluation of the Aptos blockchain, they have chosen it as the ideal chain for the new version of the Chingari app which is set to go live in early Q2 of 2023. The new partnership will allow Chingari to strengthen its presence in India and expand to other markets.
Decentralized social media platforms, like Chingari, offer users and creators more control over their data and protect them from the decisions made by one specific individual or company.
With the recent controversy surrounding Elon Musk’s takeover of Twitter, decentralized social media solutions like Lens Protocol and Damus are gaining more momentum with users.
